DAYANG ENTERPRISE HOLDINGS BHD
(712243-U)
|
Annual Report
2015
44
Audit
Committee Report
(cont’d)
• To examine and review the adequacy and effectiveness of management and operations;
• To review the statutory accounts, quarterly results and year end financial statements and other published
information, prior to the approval by the Board of Directors;
• To nominate and recommend the external auditor for appointment, to consider the adequacy of
experience, resources, audit fee and any issue regarding resignation or dismissal of the external auditor;
• To monitor relationship with external auditors, to ensure that there are no restrictions on the scope of the
statutory audit; to make recommendations on the auditors’ appointment, remuneration and dismissal;
and to review the activities, findings, conclusions and recommendations of the external auditors; and
• To review arrangements established by management for compliance with regulatory and financial
reporting requirements.
MEETINGS OF THE AUDIT COMMITTEE FOR THE FINANCIAL YEAR 2015 (“FY 2015”)
A total of seven (7) meetings were held during FY 2015 with two (2) private meetings with the external auditors,
to give opportunity to the external auditors to raise any matters without the presence of the executive board
members and management.
A quorum, ascertained by the presence of a majority of Independent Directors was always fulfilled. The Group
Financial Officer, Group Accountant and the Head of Group Internal Audit were invited to the AC meetings to
provide information in terms of financial and internal controls.
The details of attendance of each member at the Audit Committee meetings held during the financial year
under review were as follows:-
Name of Directors
Attendance
Chia Chu Fatt
7/7
Polit Bin Hamzah
5/7
Tuan Haji Abdul Aziz Bin Ishak
7/7
Koh Ek Chong
7/7
Ali Bin Adai
7/7
The minutes of each AC meeting were recorded and tabled to the AC for adoption at the following quarterly
AC meeting. Subsequently, all the minutes of meetings are presented to the Board for notation.
SUMMARY OF ACTIVITIES OF THE AUDIT COMMITTEE
The following activities were performed by the Audit Committee during the financial year 2015:
• Reviewed the unauditedquarterly reports andaudited financial statements of theGroupand its subsidiaries
with management and external auditor to ensure compliance with the generally accepted accounting
principles and Financial Reporting Standards;
